The combined market valuation of India’s top-10 most valued firms declined by Rs 4,95,061 crore last week, aligning with a downturn in equities. Tata Consultancy Services (TCS) and Reliance Industries faced the steepest downturn, contributing to the overall market slump.
The BSE benchmark fell by 4,091.53 points or 4.98 per cent, marking the steepest weekly decline since June 2022. The Nifty index lost 4.77 per cent during the week, driven largely by a shift in market sentiment following the US Federal Reserve’s policy announcement.
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Pravesh Gour, Senior Technical Analyst at Swastika Investmart said,”The market was impacted by the Federal Reserve’s revised outlook, which reduced the expected rate cuts for 2025 from four to two. This change dampened market confidence.”
TCS saw its market capitalization drop by Rs 1,10,550.66 crore, reaching Rs 15,08,036.97 crore. Reliance Industries, the most valued firm, also suffered a significant decline, losing Rs 91,140.53 crore, leaving its valuation at Rs 16,32,004.17 crore.
Other major firms also saw substantial losses. HDFC Bank’s market value decreased by Rs 76,448.71 crore to Rs 13,54,709.35 crore, while Bharti Airtel’s valuation dropped by Rs 59,055.42 crore, falling to Rs 8,98,786.98 crore.
State Bank of India’s market capitalization fell by Rs 43,909.13 crore to Rs 7,25,125.38 crore, and ICICI Bank’s valuation decreased by Rs 41,857.33 crore to Rs 9,07,449.04 crore.
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Infosys and Life Insurance Corporation of India (LIC) also saw significant declines in their valuations, with Infosys losing Rs 32,300.2 crore, and LIC’s market cap falling by Rs 20,050.25 crore. Hindustan Unilever’s valuation dropped by Rs 12,805.27 crore, while ITC saw a decrease of Rs 6,943.5 crore.
Despite the sharp declines, Reliance Industries retained its position as the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC, and Hindustan Unilever in the top-10 rankings.
(With PTI Inputs)
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